For determining revenue recognition, eligibility requirements for government-mandated nonexchange transactions and voluntary nonexchange transactions are categorized into four general classifications including all of the following except:
A) Required characteristics of the recipients.
B) Time requirements.
C) Reimbursement.
D) Contingencies.
E) Refunding.

Question

Quizplus · Accepted Answer

Refunding is not one of the four general classifications for determining revenue recognition in nonexchange transactions. The correct classifications are required characteristics of the recipients, time requirements, reimbursement, and contingencies.

For Determining Revenue Recognition, Eligibility Requirements for Government-Mandated Nonexchange Transactions